Washington -- In the latest evidence of a struggling electric vehicle industry, Coda Automotive filed for bankruptcy Wednesday and said it would exit the EV market, joining a growing list of companies that collapsed or filed for bankruptcy.

Coda will abandon its electric vehicle production in favor of its energy storage business, the latest in a series of restructuring moves in the struggling sector.

After raising $344 million in funding, Coda said in its bankruptcy filing that it had sold fewer than 100 cars since beginning sales in March 2012 because of a "muted market response."

Coda warned it was in "dire" financial straits with little cash left.

The Los Angeles-based startup tried to sell cars mostly built in China from a conventional model introduced in 2004. Coda had faced severe problems in recent months. It had undergone layoffs and faced lawsuits for unpaid bills.

The company's parent -- Coda Holdings Inc. -- said in a statement "that it is focusing its business strategy on the growing energy storage market." Coda plans to restructure through a Chapter 11 bankruptcy filing in Delaware.

Coda's first U.S. vehicle, based on a Chinese car, was delayed a year for regulatory issues.

Coda started looking for a buyer last fall, but couldn't find one.

Advertisement

Coda's staff has fallen from 250 last year to just 39 today, and it was unable to pay employees for their last two weeks of work.

Coda diversified its business in 2011 and formed Coda Energy.

Coda Energy's stationary energy storage products are based on the same core technology as its cars, which include its proprietary battery management and thermal management systems.

The company had sought more than $300 million loans from the U.S. Energy Department, but withdrew its application.